Town of Brunswick. Tax Increment Financing Districts and TIF Budget

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1 Town of Brunswick Tax Increment Financing Districts and TIF Budget

2 Downtown Development and Transit Oriented TIF District

3 Molnlycke TIF District

4 Brunswick Landing and Brunswick Executive Airport TIF Districts

5 Cook s Corner TIF District

6 Development Programs Original development program estimates of amounts required not necessarily to be funded through TIF revenues. TIF District Downtown Development and Transit-Oriented TIF Molnlycke TIF Brunswick Executive Airport TIF Brunswick Landing Municipal TIF Date Created March years January years October years Cook s Corner TIF February years Year Ending Acres Revenues in FY $495, $206, $0 $299,624 $974,205 Development Program Elements 1. Debt Service & Capital Contribution 2. Credit Enhancement Agreement 3. Downtown Master Plan 4. Train Station/Visitors Ctr Operation 5. Other Economic Development 6. Public Transit 7. Road Improvements Credit Enhancement / Molnlycke 1. Road Improvements 2. Public Safety Improvements 3. Downtown TIF Projects 4. Brunswick Downtown Association 5. Professional & Admin Costs Credit Enhancement / MRRA 1. Road Improvements 2. Public Safety Improvements 3. Downtown TIF Projects 4. Brunswick Downtown Association 5. Professional & Admin Costs 6. School Construction / Renovation 7. General Economic Development 8. Recreational Trails 9. Road/Infrastructure Improvements 1. Road Improvements 2. Downtown TIF Projects 3. General Economic Development 4. Recreational Trails Estimated Cost of Projects Over 30 Years $2,400,000 $900,000 $5,000,000 $3,000,000 $2,500,000 $5,000,000 $2,000,000 Up to 55% of annual revenues; not to exceed $3M total. $19,200,000 $3,900,000 $3,000,000 $3,000,000 $600,000 Up to 50% of annual revenues; not to exceed $15M total. $19,200,000 $3,900,000 $3,000,000 $3,000,000 $600,000 $40,000,000 $15,000,000 $1,000,000 $18,000,000 $27,000,000 $3,000,000 $15,000,000 $1,500,000 Total $1,976,301

7 TIF Revenues put to work for Economic Development in Brunswick: From to (8 years), Total TIF Revenues - $8,210,705 Credit Enhancement Agreements $3,408,281 Station Avenue construction $1,578,646 Union/Mill St Storm Drain $1,242, Union St (People Plus) debt service $581,968 Public Safety Vehicles $250,000 Paving qualified roads $245,000 Brunswick Downtown Association $200,000 Economic Development/Administration $181,666 Cook s Corner Infrastructure planning $125,000 Train Station rent & maintenance $119,000 Transit-Oriented services $63,334

8 Estimated Benefits of Tax Shifts for Brunswick s Operating Budget: From to (8 years), Total Sheltered Value - $332,332,180 $1,000,000 $900,000 State Aid to Education Total (8 yrs) $2,623, ,532 $800,000 Revenue Sharing $331, ,174 $700,000 $600,000 County Tax $293, , ,433 $500,000 $400, ,492 $300,000 $200,000 $100,000 $0 43,100 69,102 5,890 9,476 16,608 4,687 8,259 8, ,931 41,350 54,234 63,024 65,061 76,038 71,543 32,995 47,371 54,248 63,689 73,008 73,063 Projected

9 TIF Budget All on one page (pg 84) Town of Brunswick, Maine Tax Increment Financing Districts Municipal Budget for July 1, June 30, Estimated Expenditures Budgeted Expenditures Actual TIF Fund Trans to GF Total TIF Fund Trans to GF Total Downtown Development Credit Enhancement Agreement $ 111,591 $ 92,389 $ - 92,389 95,161-95,161 Debt Service & Capital Contribution 35 Union Street Debt Service 82,060 78,315-78,315 76,245-76,245 Station Ave Construction 155, Downtown Master Plan Riverwalk match - 16,000-16, Mill St (Union-Mill Storm Drain) - 243, , Downtown restroom pilot program ,000-15,000 Facility Operations (Train Station/Visitor ,000 44,000-75,000 75,000 Economic Development (Admin Costs) ,666 66,666 Transit projects ,334 63,334 Total 349, ,287 44, , , , ,406 Molnlycke Credit Enhancement Agreement 107, , , , ,471 Road Improvements Public Safety Improvements Police & Fire Vehicle Reserves , ,000 Downtown TIF Projects 84, Brunswick Downtown Association , , , ,000 Economic Development (Parking Study) ,000 40,000 Total 192, , , , , , ,471 Brunswick Landing & Brunswick Executive Airport Credit Enhancement Agreement 463, , , , ,610 Road Improvements Qualified road work , , , ,000 Union St (Union-Mill Storm Drain) - 998, , Public Safety Improvements Police & Fire Vehicle Reserves , , Brunswick Downtown Association Economic Development ,000 75, Bruns Landing Road Improvements Cooks Corner Road - 50,000-50, Total 463,377 1,617, ,000 1,987, , , ,610 TOTAL 1,004,985 2,157, ,000 2,671, , ,000 1,477,487

10 TIF Budget Summary (Page 87) Actual Adopted Adjustments Available Estimated Department Manager Property Tax Revenues District Increment Value 62,749,900 63,987,400 43,595, ,583, ,583, ,583, ,583,100 Tax Rate (11.86) Tax Increment Revenue 1,841,710 1,934,339 41,962 1,976,302 1,976,302 2,154,889 2,103,250 TOTAL REVENUES 1,841,710 1,934,339 41,962 1,976,302 1,976,302 2,154,889 2,103,250 TIF Program Expenditures Credit Enhancement Agreement 770, ,242 (14,591) 826, , , ,206 Debt Service (People Plus Bldg) 78,315 76,245-76,245 76,245 74,175 74,175 Downtown Master Plan Riverwalk match 16, (16,000) - - Mill St Storm Drain project , , , Restroom Pilot Program - 15,000-15, Downtown Sidewalks & Lighting , ,000 Facility Operation (Train Station/Visitors 44,000 75,000-75,000 75,000 75,000 75,000 Economic Development (Admin costs) - 66,666-66,666 66,666 62,356 62,356 Transit-Oriented Projects Brunswick Explorer (expanded oper - 30,000-30,000 30,000 30,000 30,000 Brunswick Explorer (capital) ,000 40,000 MetroBreez - 33,334-33,334 33,334 42,644 42,644 Road Improvements Qualified road work 145, , , , , ,000 Union St Storm Drain project , , , Public Safety Improvements 150, , , , , ,000 Brunswick Downtown Association 100, , , , , ,000 Professional & Administrative Costs 75,000 40,000-40,000 40, Road/Infrastructure Improvements Cooks Corner Road planning 50,000-75,000 75,000 75, Cooks Corner Connector constructi , ,000 TOTAL EXPENDITURES 1,429,147 1,477,487 1,302,414 2,779,901 2,716,609 2,143,206 2,122,381

11 TIF Budget Summary (Page 88) Actual Adopted Adjustments Available Estimated Department Manager Total Tax Increment Financing Balance Fiscal year beginning balance 543, , , , , ,806 Fiscal year ending balance 956,114 1,412, , , , ,675 Amount transferred to CP Funds 66,000 15,000 1,317,005 1,332,005 1,301, , ,000 Amount transferred to General Fund 514, , , , , ,000 Estimated Annual Tax Shift Benefit Total sheltered value 62,749,900 63,987,400 43,595, ,583, ,583, ,583, ,583,100 State Aid to Education 647, , , ,532 Revenue Sharing 65,061 76,038 71,543 71,543 County Tax 63,689 73,008 73,063 73, , ,220 1,060,138 1,060,138 Estimated Annual Tax Shift Benefit represents the increase in State subsidy amounts received and the reduction in County tax resulting from 'sheltering' the TIF districts' increased valuation from the state valuation and the calculations of the aid formulas. If the incremental values were included in the Town's state valuation, the Town would experience a reduction in State subsidies and an increase in the County tax.

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